Facebook Faces More Fee Fights As It Reaches Deal with Australia
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P2JW055000-5-A00100-17FFFF5178F ***** WEDNESDAY,FEBRUARY 24, 2021 ~VOL. CCLXXVII NO.44 WSJ.com HHHH $4.00 DJIA 31537.35 À 15.66 0.05% NASDAQ 13465.20 g 0.5% STOXX 600 411.32 g 0.4% 10-YR. TREAS. À 2/32 , yield 1.363% OIL $61.67 g $0.03 GOLD $1,804.40 g $2.30 EURO $1.2152 YEN 105.25 Tiger Woods Is Rescued, Hospitalized After Crashing SUV Tech What’s News Stocks Rebound Business&Finance As Rate he Fed’sPowell,inSen- Tatetestimony, reaf- firmed the central bank’s FearsEbb commitment to maintaining easy-money policies until the economyhas recovered Nasdaq Composite fell further from the effectsof the coronavirus pandemic. A2 4.5% since Feb. 12; Fed Tech stocks rebounded chairman’s remarks from an early swoon after appear to quell selloff Powell’s remarks. The Nas- daq ended 0.5% lower af- BY MICHAEL WURSTHORN ter being down as much as 4%. The S&P 500 eked out Tech stocks rebounded from a 0.1% gain and the Dow an early swoon afterFederal edged up 0.05%. A1, B13 Reserve Chairman Jerome Pow- Facebook faces continuing ell pledged anew to support the battles around the world CK economic recovery by keeping over howithandles news con- TO interest rateslow,easing con- tent afterstriking an agree- cerns about the impact of rising ment with the Australian gov- SHUTTERS ratesonthe monthslong rally in ernment to payfor content. A1 A/ major U.S. indexes. /EP The Nasdaq Composite In- Home Depot has fared dexended down 0.5% Tuesday better than Macy’s during URENT LA afterfalling as much as 4% the coronavirus pandemic earlier in the day. Theindex, and both companies say ETIENNE which led the 2020 market that shopping trends have DEMOLISHED: Firefighters and paramedics rescued golf legend Tiger Woods from an SUV he was driving after it rolled bounceback from the coronavi- continued into 2021. B1 over in a single-vehicle crash near Los Angeles on Tuesday. Mr. Woods underwent surgery for multiple leg injuries. A3 ruspandemic because of its Themidflight breakdown concentration in shares of of a jet engine that spewed technology, biotechnologyand debris over aColorado town other firms promising to grow is putting regulatory focus faster than the economy, has on the design and strength Facebook FacesMoreFee Fights fallen 4.5% since Feb. 12. of engine coverings. B1 Tuesday’sswingshighlight a midwinter shiftininvestor ap- Marriott named insider petitetoeconomically sensitive Tony Capuano to be itsnew companies such as banks over chief executive, picking a As It ReachesDealWithAustralia thepast year’s favorites.The longtime veteranofthe ho- reassessment is being driven telcompanyfor the post. B1 by expectations that Covid-19 Thefinancial future of BY JEFF HORWITZ increase scrutiny on technol- Brown, Facebook’s vice presi- Tabproduct formobile usersiN vaccinations will pick up, Petrobras hung in the balance AND SARAH E. NEEDLEMAN ogycompanies,and as news dent of global news partner- the U.S. and other countries. broadening the scope of the as itsboardmoved forward outletsplan to amp up pres- ships. If Facebook’stalks with ThepaymentsFacebook has economic recovery. with plans to approveBolson- Facebook Inc.faces acon- sure to cut deals. individual Australian publish- made to datearen’t overly Therise this month in U.S. aro’spick of an armygen- tinuingbattlewith publishers Facebook’sdeal with Aus- ers fail to satisfy the govern- costly forthe company, whose interest ratesisforcing areas- eral to lead the company. B1 and regulatorsaround the tralia gives it a path to avoid ment,the companycould re- ad businessdrove it to arecord sessment of the risks of hold- world over howthe social-me- required paymentstopublish- impose itsnewsban rather $86 billion in revenue last year. ing shares that have risen Jeff Blackburn,atop dia companyhandles news con- ers for news content, as long than be forced to comply with News content accountsfor 4% sharply over the past year,in- Amazon executiveand tent afterstriking an agreement as the companyworks toward the newlaw’s terms forset- of what people see in their tensifying longstanding valua- close aide to Bezos, is leav- this week with the Australian reaching agreementswith ting payments. “I am hopeful main newsfeed, Facebook said tion concerns.The yield on the ing the companyafter tak- government to payfor content. publishers on its owN accord. therewill not be aneed for when it announced that it 10-year U.S. Treasurynotehas ing ayearlong sabbatical. B4 Theagreement Facebook “Weappreciatethe govern- that step,” Ms. BrowN said. would removenewsfromthe risen morethan aquarter of a reached with the Australian ment has created flexibility to Thecompromise as envi- platform in Australia last week. percentagepoint so far this World-Wide government on Tuesdaytore- moveforwardmaking deals sioned would be an alternative News publishersrely on the month, potentially raising bor- storenewspages to itsplat- with publishers, while giving to the voluntarypaymentsthat audiencethat Facebook and rowing costsfor most compa- form comes as political lead- us 30 days’noticebeforea Facebook has made to “part- Alphabet Inc.’sGoogle deliver. nies,crimping profits. Some of the world’s erselsewherehavepledged to designation,” said Campbell ner” news outletsfor itsNews PleaseturntopageA6 PleaseturntopageA2 biggest drugmakers are joining forces with rivals to help produce Covid-19 vaccines, forging unusual INSIDE AfterFailures,Novavax Aims alliances that promise to substantially increase sup- plies by this summer. A1 ForVaccine Game Changer Topofficials responsible forthe security of the Capi- tol during the Jan. 6 attack told a congressional panel that faulty intelligenceham- Its Covid-19 shotcould have advantages overcompetitors pered their ability to pre- parefor the deadly riot. A4 BY GREGORY ZUCKERMAN AND PETER lOFTUS more powerful weapons against the pan- Tech executives told sen- demic, offering key possible advantages over atorsthe hack of government In January of last year, employees of its competitors. Some early data suggest the systems by suspected Rus- Novavax Inc. met at a local Maryland bar to Novavax shot may be one of the first shown sian agentswas likely wider /REUTERS discuss how they might salvage their ca- to stem asymptomatic spread of the corona- and morecomplexthan had SB reers. For decades, the small biotech had virus and also potentially provide longer- NT previouslybeen known. A4 tried to develop an approved vaccine, with lasting protection. PERSONAL JOURNAL BUSINESS&FINANCE no success. The company had enough cash to If the two-shot regimen is authorized, Iran said it wasopen to a survive only another six months or so and Novavax will still face the challenge of mak- European proposal that Newmoms,turnedoff The design and would bring itsofficials to- by abusiveposts,seek strength of jetengine its shares traded under $4, with a market ing and distributing it in large quantities. value of $127 million. The firm sold some manufacturing assets in gether with American nego- kinder online parenting coverings draw tiators, even as it took an- Today, Novavax is advancing toward au- 2019 when it was desperate for cash. forums. A12. scrutinyinprobe. B1 thorization of a Covid-19 vaccine. Scientists Investors, who left the 33-year-old com- other step to violateterms believe that, if cleared, it could be one of the PleaseturntopageA8 of the 2015 nuclear deal. A9 Biden’spicks to lead HHS and the Interior Depart- New WFH ment faced skeptical Repub- Big Rival Drugmakers licans in confirmation hear- ings. TheSenateconfirmed Wear: Suits Salesforce. Thomas-Greenfield as U.S. Unite to Make Shots envoy to the U.N. and Vilsack That Are PJs as agriculturesecretary. A4 #1 CRM. BY JARED S. HOPKINS Novartis AG also agreed to The chairwoman and iii four other members of the help Pfizer and BioNTech pro- Texas powergrid opera- Japanese clothiers Some of the world’sbiggest ducemoredoses,while Baxter Ranked #1 for CRM Applications basedon IDC 2020H1 Revenue Market ShareWorldwide. tor’sboardare resigning drugmakersare joining forces International Inc.and Endo In- with rivals to help produce ternational PLC have agreed to 19.8% following blackoutsduring proffer hybrids for Covid-19 vaccines,forging un- help Novavax Inc. produce its the deep freeze last week. A3 Zoom—and naps usual alliances that promise to shot. New York’s attorney substantially increase supplies “This is atime when the general said a grand jury BY SURYATAPA BHATTACHARYA by this summer. pharma companies aresaying, didn’t indict any Rochester AND MIHO INADA Normally,big pharmaceuti- ‘We’ll go back to fighting police officers involved in calcompanies competetosell when this is over.We’ll take the death of Daniel Prude. A3 TOKYO—Taichi Itowas on a cancer,arthritis and other youtothe cleanersand maybe Died: Ahmed Zaki Yamani, Zoom call brainstorming with drugs. Thedesperateneed for driveyou to bankruptcy,but his advertising-agencycol- Covid-19 vaccines,however, is right nowweneed to be work- 90,ex-Saudi oil minister. A10 leagueswhen he mentioned turning fierce industrycompet- ing together,’ ” said James 5.3% his pet peeve about his wife’s itorsintofast pandemic friends. Bruno, who consults for drug 4.8% CONTENTS Personal Journal A11-12 virtual meetings. It didn’t SanofiSArecently agreed to companies. 3.9% Arts in Review... 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